Home loan applications rebound, end three-week downturn
After three consecutive weeks of decline, US mortgage applications rebounded for the week ending March 3, the Mortgage Bankers Association reported Wednesday.
MBA’s latest survey showed that mortgage application volume bounced back 7.4% on a seasonally adjusted basis from a week earlier and was up 9% on an unadjusted basis. The increase comes despite the continued uptrend in interest rates.
“Mortgage rates continued to increase last week. The 30-year fixed rate rose to 6.79% – the highest level since November 2022 and 270 basis points higher than a year ago,” said Joel Kan, MBA’s vice president and deputy chief economist. “Even with higher rates, there was an uptick in applications last week, but this was in comparison to two weeks of declines to very low levels, including a holiday week.”